And for example, fee-only adviser I found would NOT work for hourly fee, only for 1% for assets and/or income, I've been recently calling fee-only financial planners who are listed on the NAPFA network, and am also finding that they charge a flat percentage of the assets. Personally, I don't see how that is any different than the guy at Smith Barney or AG Edwards or any other brokerage house, particularly as they all get that same flat fee.I wish someone would explain to me why this is better if the fees are the same. I'd think both are incented to increase the value of the account to get a bigger 1% cut.I did run across one financial planner who actually wanted to charge his percentage based on the value of all our assets and not just on the ones we'd have him manage. Somehow, I had a problem with paying him 1% of the value of my house every year, and yes, that is exactly how it was calculated.
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